HomeMy WebLinkAbout2022 04 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: April 28, 2022
TO: Randy Corman, Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Ed VanValey, Chief Administrative Officer
FROM: Fred Hall, Tax & Licensing Manager
SUBJECT: April 2022 Sales Tax Distribution (February 2022 Activity)
Monthly comparisons (April)
April sales tax receipts (for February 2022 activity) were $2.7 million which is $406K (17.62%) over April 2021 and $638k
(30.81%) over the April 2022 budget.
Year‐to‐date comparisons (April)
2022 is currently $1.6 million (16.1%) above 2021 and $1.9 million (20.1%) over the annualized budget. See the five‐year‐
to‐date comparison and the historical trend information below:
Year‐to‐year comparison between 2021 and 2022 will be impacted by COVID‐19. 2022 has shown a continuous and
stabilizing growth across all categories and all exceeding pre pandemic levels.
Manufacturing – the manufacturing sector is up $316K (58.3%) over 2021 and $243K (39.5%) over budget.
Wholesale – currently up 59.6% from 2021. This sector is performing well above anticipated levels.
General Retail – currently up 6.5% from 2021. Growth appears steady considering the average inflation rate was
4.7% per CPI data.
The annual budget‐by‐sector has been based upon the average of the previous five years proportionate to the overall
receipts. The monthly budget‐by‐sector is based upon the five‐year average by month, proportionate to the annual totals.
Please see the attached pages for detailed information.